TRADE INSTRUCTIONS
Date: August 17, 2017
Name: Ensco plc
Symbol: ESV
Type: Close
Limit: Sell at market

TRADE RATIONALE
Ensco closed beneath my stop loss price of $4.25 today, so by rule I must close out this position and remove it from our portfolio. The stock has been selling off since one of its institutional investors publicly objected to Ensco’s proposed merger with Atwood two weeks ago. But Ensco is fighting back, announcing earlier this week that it will be submitting a presentation to the SEC explaining why it believes this transaction is in the best interest of its shareholders. It’s unfortunate that this trade got caught in the crossfire between the company and one of its largest shareholders, but it’s time to cut our losses and move on.